Uzbekistan National Investment Fund Assets Reach $2.66 Billion as GDRs Hit Record High
Economy
The Uzbekistan National Investment Fund (UzNIF) closed the first half of 2026 with a strong increase in net asset value, boosting investor confidence and driving its global depositary receipts (GDRs) listed on the London Stock Exchange to a new all-time high.
According to Franklin Templeton, the fund's net asset value (NAV) reached $2.66 billion as of 30 June 2026, representing a 9.2% increase compared with the end of 2025.
The strongest contribution to portfolio growth came from National Electric Networks of Uzbekistan, Uzbektelecom, and Thermal Power Plants. The upward revaluation of Uzbektelecom reflected stronger-than-expected revenue growth, improved EBITDA performance and a more favorable macroeconomic outlook.
The fund's largest holding remains Uzbektelecom, accounting for 18.25% of the portfolio, followed by Uzbekistan Airways (15.21%) and Uzpromstroybank (13.53%).
Following the release of preliminary NAV data, investor demand for the fund's GDRs on the London Stock Exchange strengthened significantly. During the next trading session, the securities climbed to $34.85, the highest level since listing and almost 40% above the IPO price. Analysts attributed the positive market reaction to the higher valuation of the fund's key assets and continued confidence in Uzbekistan's economic outlook.
The strongest contribution to portfolio growth came from National Electric Networks of Uzbekistan, Uzbektelecom, and Thermal Power Plants. The upward revaluation of Uzbektelecom reflected stronger-than-expected revenue growth, improved EBITDA performance and a more favorable macroeconomic outlook.
The fund's largest holding remains Uzbektelecom, accounting for 18.25% of the portfolio, followed by Uzbekistan Airways (15.21%) and Uzpromstroybank (13.53%).
Following the release of preliminary NAV data, investor demand for the fund's GDRs on the London Stock Exchange strengthened significantly. During the next trading session, the securities climbed to $34.85, the highest level since listing and almost 40% above the IPO price. Analysts attributed the positive market reaction to the higher valuation of the fund's key assets and continued confidence in Uzbekistan's economic outlook.
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